主讲人：李志成助理教授（湖南大学经济管理研究中心）  

主持人：张岸洲助理教授（辽宁大学李安民经济研究院）  

时间：2022年10月21日（周五）  14：00-15：30（北京时间）  

地点：腾讯会议：907 4908 3431  

语言：中文  

摘要：While there is a longstanding concern about the concentration of Bitcoin mining pools, the real evolution doesn’t show this trend. In this paper, we propose a new mechanism through which the Bitcoin mining pools become decentralized, i.e., the uncertain mining reward – Bitcoin transaction fees. In our research, we first use a model to show that a typical risk-averse Bitcoin miner prefers to allocate his computational hash rate into different mining pools when the Bitcoin transaction fees occupy a large fraction of the mining reward. After that, we use the real data from the year 2012 for detailed empirical analysis. We not only diagnose the relationship between the composition of mining reward and the decentralization of Bitcoin mining pools but also use the micro-level panel data to study the dynamics of individual pools. Our study not only connects the evolution of Bitcoin transaction fees to the structure of Bitcoin mining pools but also sheds light on the long-term behavior of the Bitcoin mining industry because the revenue of Bitcoin mining will eventually all come from transaction fees due to the Bitcoin halving events.  

主讲人简介：李志成，经济学博士，现任湖南大学经济管理研究中心助理教授。2018年毕业于美国纽约州立大学石溪分校。研究方向为：金融计量与实证，市场微观结构，区块链金融等。他最近的论文接收和发表在Journal of International Financial Markets, Institutions and Money, Mathematics, Economic Modelling等国际权威期刊上。